Elon Musk cites ‘massive drop’ in revenue as Twitter cuts staff

Elon Musk has accused ‘militant groups’ of ‘pressure’ advertisers to leave the social media giant and cause a drop in revenue as the company carries out sweeping job cuts to save money money.

The billionaire tweeted that the groups were trying to “destroy free speech” by raising concerns about his plans to relax content moderation rules on the site.

Mr Musk’s outburst comes as Twitter began widespread downsizing around the world on Friday, with suggestions up to half of its more than 7,500 employees could be made redundant in what the company called “an effort to put Twitter on a healthy path”.

In his first tweet since the cuts began, Mr Musk said: “Twitter has seen a massive drop in revenue, due to activist groups pressuring advertisers, although nothing has changed with moderation. content and that we have done everything we can to appease the activists.

“Extremely messed up! They are trying to destroy free speech in America.

Online safety groups and activists have expressed concern over Mr Musk’s plans to allow greater freedom of speech on the site and overturn permanent bans on controversial figures, including the former US President Donald Trump.

It has been reported that some advertisers are concerned about the possibility of such numbers coming back and appearing alongside their advertisements on the site.

That’s a concern for Mr. Musk because advertising currently accounts for nearly all of Twitter’s revenue.

Mr Musk is believed to want to drastically cut the company’s costs after completing his $44billion (£39billion) takeover of the platform last week and has since tweeted ‘we need to pay the bills in one way or another”.

Along with the downsizing, he proposed charging a monthly subscription fee for users to be verified on the platform in a bid to create more revenue streams for the company and distance it from its addiction to advertising.

An internal email sent to staff about the job cuts on Friday said the job cut action was “unfortunately necessary to ensure the success of the business in the future”.

Staff have been told that everyone will receive an email by 9:00 a.m. PST (4:00 p.m. GMT) on Friday, with those affected by the cuts expected to receive the message on their personal email address rather than the one associated with their work .

Staff have since taken to Twitter to confirm they are leaving the company, with some revealing they have been disconnected from their work laptops and internal messaging systems.

Others use the platform to say goodbye and thank their colleagues.

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